Requirement 1. Record the transactions in

Starborn's

general journal. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. If no entry is required, select "No entry required" on the first line of the Accounts and Explanation column and leave the remaining cells blank.)

Jan. 16: Declared a cash dividend on the

6%,

$97

par noncumulative preferred stock

(1,150

shares outstanding). Declared a

$0.55

per share dividend on the

95,000

shares of

$8

par value common stock outstanding. The date of record is January 31, and the payment date is February 15.

Date			Accounts and Explanation	Debit	Credit
Jan. 16

Part 2

Feb. 15: Paid the cash dividends.

Date			Accounts and Explanation	Debit	Credit
Feb. 15

Part 3

Jun. 10: Split common stock 2-for-1.

Date			Accounts and Explanation	Debit	Credit
Jun. 10

Part 4

Jul. 30: Declared a

30%

stock dividend on the common stock. The market value of the common stock was

$10

per share.

Date			Accounts and Explanation	Debit	Credit
Jul. 30

Part 5

Aug. 15: Distributed the stock dividend.

Date			Accounts and Explanation	Debit	Credit
Aug. 15

Part 6

Oct. 26: Purchased

5,400

shares of treasury stock at

$11

per share.

Date			Accounts and Explanation	Debit	Credit
Oct. 26

Part 7

Nov. 8: Sold

2,700

shares of treasury stock for

$13

per share.

Date			Accounts and Explanation	Debit	Credit
Nov. 8

Part 8

Nov. 30: Sold

1,600

shares of treasury stock for

$7

per share.

Date			Accounts and Explanation	Debit	Credit
Nov. 30

Part 9

Requirement 2. Prepare the

Starborn's

stockholders' equity section of the balance sheet as of December 31,

2024.

Assume that

Starborn

was authorized to issue

2,000

shares of preferred stock and

300,000

shares of common stock. Both preferred stock and common stock were issued at par. The ending balance of retained earnings as of December 31,

2024,

is

$2,030,000.

(Use parentheses or a minus sign for amounts to be subtracted.)

Starborn Manufacturing, Co.
Balance Sheet (Partial)
December 31, 2024
	Stockholders' Equity
	Paid-In Capital:
	Total Paid-In Capital
	Total Stockholders' Equity